Closing Cost Assistance Grant
This grant helps cover the upfront costs that come with buying a home. It’s available for both RD and VA transactions, and your buyers will never have to repay the money.
Get to Know This Grant
What is It?
The Closing Cost Assistance Grant helps reduce out-of-pocket expenses, and homebuyers can pair it with a Mortgage Credit Certificate to make homeownership more affordable.
To receive a Closing Cost Assistance Grant, a homebuyer must:
- Be a first-time homebuyer or repeat buyer purchasing in Areas of Economic Opportunity
- Have a Rural Housing Service (RHS) or Veterans Affairs (VA) loan from Virginia Housing
- Have a household income within Virginia Housing’s income limits
- Be within Virginia Housing’s sales price / loan limits
How Does It Work?
This grant may be worth up to 2% of the home’s purchase price. Funds must be applied to closing costs, to include discount points, prepaid items and the upfront Rural Housing Service (RHS) guarantee fee or the Veterans Affairs (VA) funding fee. The grant does not require repayment, and having it may improve the homebuyer’s purchase offer.